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Measuring Institutional Investors’ Skill from Their Investments in Private Equity
Cavagnaro, Daniel - 2016
Using a large sample of institutional investors' private equity investments in venture and buyout funds, we estimate the extent to which investors' skill affects returns from private equity investments. We first consider whether investors have differential skill by comparing the distribution of...
Persistent link: https://www.econbiz.de/10012984744
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Do Private Equity Funds Manipulate Reported Returns?
Brown, Gregory W. - 2016
Private equity funds hold assets that are hard to value. Managers may have an incentive to distort reported valuations if these are used by investors to decide on commitments to subsequent funds managed by the same firm. Using a large dataset of buyout and venture funds, we test for the presence...
Persistent link: https://www.econbiz.de/10012985577
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Do Funds Make More When They Trade More?
Pastor, Lubos - 2014
We model optimal fund turnover in the presence of time-varying profit opportunities. Our model predicts a positive relation between an active fund's turnover and its subsequent benchmark-adjusted return. We find such a relation for equity mutual funds. This time-series relation between turnover...
Persistent link: https://www.econbiz.de/10013043611
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Policy Implications of Models of the Spread of Coronavirus : Perspectives and Opportunities for Economists
Avery, Christopher - 2020
This paper provides a critical review of models of the spread of the coronavirus (SARS-CoV-2) epidemic that have been influential in recent policy decisions. There is tremendous opportunity for social scientists to advance the relevant literature as new and better data becomes available to...
Persistent link: https://www.econbiz.de/10012836420
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Capital Share Risk in U.S. Asset Pricing
Lettau, Martin - 2014
A single macroeconomic factor based on growth in the capital share of aggregate income exhibits significant explanatory power for expected returns across a range of equity characteristic portfolios and non-equity asset classes, with risk price estimates that are of the same sign and similar in...
Persistent link: https://www.econbiz.de/10013040236
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What is Different About Urbanization in Rich and Poor Countries? Cities in Brazil, China, India and the United States
Chauvin, Juan Pablo - 2016
American metropolitan areas with comparable geographic units in Brazil, China and India. Both Gibrat's Law and Zipf's Law seem … to hold as well in Brazil as in the U.S., but China and India look quite different. In Brazil and China, the implications … correlation between density and earnings is stronger in both China and India than in the U.S., strongest in China. In India the …
Persistent link: https://www.econbiz.de/10012998418
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Inappropriate Pooling of Wealthy and Poor Countries in Empirical FDI Studies
Blonigen, Bruce A.; Wang, Miao - 2021
This paper examines the question of whether less-developed countries' (LDCs') experiences with foreign direct investment (FDI) systematically different from those of developed countries (DCs). We do this by examining three types of empirical FDI studies that typically do not distinguish between...
Persistent link: https://www.econbiz.de/10013228764
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Technology Capital and the U.S. Current Account
McGrattan, Ellen R. - 2010
The U.S. Bureau of Economic Analysis (BEA) estimates the return on investments of foreign subsidiaries of U.S. multinational companies over the period 1982--2006 averaged 9.4 percent annually after taxes; U.S. subsidiaries of foreign multinationals averaged only 3.2 percent. Two factors distort...
Persistent link: https://www.econbiz.de/10012759325
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Unemployment in the Great Recession : A Comparison of Germany, Canada and the United States
Hoffmann, Florian - 2014
This paper investigates the potential reasons for the surprisingly different labor market performance of the United States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates did not change substantially in Germany, increased and...
Persistent link: https://www.econbiz.de/10013043619
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Firm Level Investment and R&D in France and the United States : A Comparison
Mulkay, Benoit; Hall, Bronwyn H.; Mairesse, Jacques - 2021
This paper is a contribution to the small but growing literature that compares the investment and R&D behavior of manufacturing firms in large developed countries that have varying financial and capital market institutions. Specifically, we look at two similar samples of French and United States...
Persistent link: https://www.econbiz.de/10013222959